EverQuote operates an online marketplace that connects consumers shopping for insurance with carriers and independent agents. The marketplace is free for consumers; EverQuote earns revenue by selling consumer referrals — clicks, leads, or calls — to insurance providers. EverQuote's customer base includes roughly 60 carriers and 6,000 independent agencies. Auto insurance generates about 91% of revenue, with home and renters making up the remainder. EverQuote's largest cost is advertising spend to acquire consumer traffic through paid search, social, video, and third-party publisher networks. Management tracks Variable Marketing Margin (revenue minus advertising spend, as a percentage of revenue), which has consistently run in the high 20s. Beyond advertising, the business has meaningful operating leverage, as EverQuote has automated large portions of traffic bidding, campaign management, and call center operations through AI and ML tools. Carrier spending is closely tied to P&C insurer underwriting profitability — when carriers are profitable, they spend aggressively on customer acquisition; when they're not, they cut budgets. EverQuote navigated a severe downturn in 2022–2023 and recovered as carriers restored profitability in 2024–2025. EverQuote's growth strategy targets $1B in annual revenue within 2–3 years, driven by capturing more carrier budget through AI products like Smart Campaigns, expanding agent relationships from single-product to multi-product, investing in new traffic channels, and growing the home insurance vertical as carrier profitability there recovers.